I am currently an RN and have obtained interviews for CRNA school starting fall 2015. Please read on.
Before I start school (If accepted), I first need to establish realistic debt vs. future income analyses, and cannot find accurate starting salaries for CRNA's online. The range seems to be 100k-150k for Southeast Michigan. I'm posting here because I believe you can give me better insight since you currently work in the field.
Hold on, before you bash me as a money chaser please understand I am simply trying to map out my financial future and weigh cost vs. benefit.
Here it is:
As of now we (wife and I), have a combined income of $95k, and plan to have $20k saved if/when I start school. She will continue working (makes $45k annually) and will pick up the mortgage, bills, etc. We have a small mortgage (house value under $100k), one car payment, no kids. She does not have student loan debt, I have paid my undergraduate loan down to $58k, and will enter into deferment when starting anesthesia school (God willing). This debt is residual from two prior Bachelor Degrees.
CRNA school will be paid with student loans which means I will be about $120k in total student loan debt including undergrad and grad school upon graduating with an interest rate of 5.8% after consolidation. Based upon a prospective initial income of $100k/year (CRNA), my student loan payment will be $2300 for 5 years. This payment would be roughly 50% of my net income, based on my current tax bracket.
Does this cost analysis seem fair? Please advise any adjustments, additions, deletions, and general advice is appreciated.
